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If you’ve paid attention to anything I’ve said over the past week or so, then you already know I’ve been bullish on the Materials Select Sector SPDR Fund (NYSEArca: XLB), an ETF that tracks basic materials companies.
XLB is the darling of Wall Street right now because nobody knows how long the Russia-Ukraine war is going to last, or just how much of an impact inflation will have on consumer goods.
That’s also because “uncertainty” is the only certain thing in the markets right now. And Wall Street hates uncertainty….
It’s created a lot of speculation, which has traders and investors everywhere wondering what buyers are willing to pay to add basic materials stocks to their portfolios, and vice versa for sellers.
XLB is a highly speculative sector right now because the picture of what’s happening in Ukraine is clouded by too many unknowns.
It also means that most of these stocks are priced according to what could happen in the future. But there are still several undervalued names in comparison to the numbers coming out…
If you’ve been wondering what a “chop shop” market is, just take a look at the stock market since early this year...
One day we’re going up and the next, things come crashing down around us again. We’re seeing 100-basis-point moves in the major indices, and I’ve watched stocks go up 2% within minutes.
Traders are getting whipped around, faked out and tricked into buying and selling at the worst times... Choppy markets like the one we’re in right now feels a lot like death by 1,000 paper cuts.
It’s clear that Wall Street has no idea what it wants to do… And I’m watching a lot of traders who don’t know what to do as they're getting flipped around.
In markets like this — with no real tangible traction in either direction — there’s only one thing that a trader can do…
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Theo W.
An Inverse Head and Shoulders, also called a head and shoulders bottom, is inverted with the head and shoulders top used to predict reversals in downtrends. The inverse head and shoulders pattern is a specific chart pattern that predicts a bearish-to-bullish trend reversal.
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